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Large-Cap ETF (IWB) Hits New 52-Week High
For investors seeking momentum, iShares Russell 1000 ETF (IWB - Free Report) is probably on radar. The fund just hit a 52-week high, and is up about 45.4% from its 52-week low price of $166.12/share.
But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed:
IWB in Focus
This ETF offers exposure to large U.S. stocks with key holdings in information technology, health care, consumer discretionary, financials and communications. It charges investors 15 basis points in fees (see: all the Large Cap ETF Blend here).
Why the Move?
The large-cap space of the broad U.S. stock market has been an area to watch lately given the skyrocketing stock market. Inflation fears have subsided and the economy is witnessing a speedy recovery with millions of Americans fully vaccinated and pandemic restrictions being rolled back. In particular, the rebalancing of Russell indexes has put the spotlight on IWB as the most-popular meme stock – GameStop (GME - Free Report) — joined the Russell 1000 Index at the close of Jun 25 trading session, departing from the Russell 2000 membership.
More Gains Ahead?
Currently, IWB has a Zacks ETF Rank #2 (Buy) with a Medium risk outlook, suggesting continued outperformance in the months ahead. Further, many of the segments that make up this ETF have a strong Zacks Industry Rank. So, there is definitely some promise for those who want to ride this surging ETF a little further.
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